If you answered “no” to any of these questions, you’re leaving a substantial amount of money on the table.

4 Tips To Maximize The Great Benefits Of Your 401(k) Plan

Considering the errors Americans make that are killing the potential of their retirement plans, you should address each one head on. The following tips speak to each mistake and offer ways to better manage your 401(k) plan.

Tip #1 – Sign up!

The simplest and most obvious step toward maximizing your retirement savings is to take advantage of a 401(k) plan if it’s being offered to you. Many companies make a complete match of your plan contributions, up to a certain percentage.

In this common scenario, your employer’s match equates to an immediate 100% return on your investment.

Tip #2 – Contribute a minimum of your employers’ match amount.

If you’re offered a free, significant return on your investment, why would you even consider letting such an opportunity pass you by? Many Americans are too focused on the short term, to the detriment of their financial futures.

401(k) providers do offer educational services, so take advantage of them. A good provider essentially gives free investment advice. Larger partners tend to offer brochures, emails or online tools, while smaller companies often provide educational seminars that help you select a plan option directly.

According to the survey data from WorldatWork and American Benefits Institute, 53% of employers provide investment advice services to their employees. Turning down more free benefits is a disservice to yourself.

Life presents few opportunities to reap something for free, especially in the financial world. For something as critical as your 401(k), you must make the most of every benefit that your company offers you.

Learn the keys to smart retirement and college planning, and gain control of your investments.